South Africa has been recognized as a rising force in the global iGaming industry, with experts predicting significant growth in the sector throughout 2025. As online gambling gains momentum worldwide, South Africa’s regulatory advancements, increasing internet penetration, and growing player base have positioned it as a key market to watch. The country’s iGaming sector has seen a surge in activity, driven by the widespread use of mobile devices and improved access to digital payment solutions. With more players embracing online casinos, sports betting, and esports wagering, operators are expanding their presence in the region to tap into this lucrative market.…
Author: Temitope Nlewemchi
The Federal Government has begun a comprehensive oilfield verification exercise across the Niger Delta, a major initiative that seeks to enhance transparency, strengthen production efficiency, and boost revenue generation from Nigeria’s petroleum resources. The move, spearheaded by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), comes at a critical period when Nigeria is intensifying reforms in its oil sector to meet fiscal targets, tackle inefficiencies, and restore investor confidence. The verification exercise, according to NUPRC officials, will cover both producing and dormant oilfields to determine their true operational status and compliance with the Petroleum Industry Act (PIA). The Commission said the…
The Standards Organisation of Nigeria (SON) has commended Dangote Cement Plc for its consistent adherence to industry standards, ethical conduct, and corporate best practices that have positioned the company as a leading player in Africa’s cement industry. The recognition, coming at a time when Nigerian companies are under increasing scrutiny to uphold international standards, underscores Dangote Cement’s pivotal role in setting benchmarks for corporate governance and sustainability. During an industry engagement session in Lagos, SON officials highlighted the company’s unwavering commitment to quality assurance, environmental responsibility, and transparent business operations. According to the regulatory body, Dangote Cement has consistently demonstrated…
Champion Breweries Plc has staged a remarkable recovery in the first half of 2025, recording a 111 percent surge in gross profit alongside a major turnaround to profitability after a difficult performance in the previous year. The brewery, based in Uyo, Akwa Ibom State, reported stronger sales, better cost management, and improved operational efficiency, which combined to deliver its best half-year performance in recent years. The financial statement for the six months ending June 30, 2025, showed that the company generated revenue of ₦15.93 billion, representing a sharp increase from ₦9.54 billion in the same period of 2024. This 67…
Union Bank of Nigeria Plc has successfully redeemed its ₦6.31 billion bond, reinforcing its financial resilience and commitment to prudent debt management in line with its long-term strategic objectives. The redemption, which was finalized this week, marks a significant step toward strengthening the bank’s capital structure and boosting investor confidence in its operations. According to the bank, the bond, which formed part of its medium-term debt issuance program, was fully repaid at maturity, demonstrating the institution’s ability to meet its financial obligations without disruption. The repayment was made to all bondholders in line with agreed terms, a development analysts say…
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has issued a fresh directive to petroleum marketers, instructing them to reconcile and top up any outstanding payments for fuel products as part of measures to stabilise the downstream oil sector. The move comes against the backdrop of rising concerns over price volatility, supply sustainability, and the operational challenges facing the domestic petroleum market. According to the company, the directive is part of its ongoing effort to ensure accountability, transparency, and uninterrupted product distribution across the country. NNPC explained that the settlement of outstanding balances by marketers is essential to maintaining steady…
Nigeria’s finance and insurance sector has continued to show resilience, emerging as one of the strongest contributors to the country’s economic performance, with the latest figures revealing a 16.13% year-on-year growth. The data, released in the latest Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS), underscores the sector’s rising influence in driving economic activity despite challenges confronting the broader economy. The impressive expansion highlights how reforms, technological innovation, and sustained investment are reshaping financial services in Nigeria. With increased digital adoption, stronger insurance penetration, and higher returns from banking activities, the sector has proven to be…
The MTN Foundation has announced a new initiative aimed at training 6,000 entrepreneurs across Nigeria, reaffirming its long-standing commitment to youth empowerment and economic development. The program, designed to equip participants with essential business skills, access to mentorship, and opportunities for financial inclusion, is expected to significantly impact Nigeria’s small and medium-sized enterprise (SME) sector. Announcing the initiative in Lagos, officials from the MTN Foundation explained that the program will target young Nigerians with innovative business ideas and those already managing small-scale enterprises but in need of guidance to scale their operations. The training will cover business planning, financial literacy,…
Moniepoint, one of Africa’s fastest-growing financial technology firms, has been named among the top fintech companies in the United Kingdom, a recognition that further cements its position as a global player in digital finance and innovation. The latest recognition underscores Moniepoint’s rising influence in both African and international markets as it continues to expand its operations, scale its technology, and redefine access to financial services. According to industry analysts, the listing reflects Moniepoint’s strong performance over the past few years, during which it has established itself as Nigeria’s largest payments processor for small and medium enterprises (SMEs). By helping millions…
Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, has been awarded the prestigious World Agritourism Award in recognition of his outstanding contributions to the advancement of agritourism and sustainable agricultural practices in Nigeria. The award, presented during the International Agritourism Conference held in Bolzano, Italy, celebrates leaders and policymakers who have made significant strides in integrating agriculture with tourism to promote rural development, community empowerment, and food security. Senator Kyari was honoured alongside other international recipients for his pioneering efforts in using agriculture as a tool for economic diversification and rural revitalization. In his acceptance remarks, the minister…
Nigeria’s recent decision by the Central Bank’s Monetary Policy Committee (MPC) to raise the benchmark interest rate has thrust currency and price stability back into the spotlight, eliciting critical reactions from economists, finance professionals, and business leaders alike. With inflation trending upwards and the naira facing renewed pressure in foreign exchange markets, analysts believe that the MPC move will have nuanced effects on both exchange rate volatility and consumer prices in the coming months. At its latest meeting, the MPC raised the monetary policy rate by 200 basis points to 24.5 percent, citing persistent inflationary pressures, particularly from rising food…
Nigeria has once again demonstrated its growing leadership in the African aviation space as it hosted the 12th Commission Meeting of the Banjul Accord Group Accident Investigation Agency (BAGAIA) in Abuja. The summit brought together top officials and aviation safety experts from six West African countries to discuss strategies for enhancing air transport safety across the region. The two-day meeting, which held in the nation’s capital, was facilitated by the Nigerian Safety Investigation Bureau (NSIB) and had representatives from The Gambia, Ghana, Liberia, Sierra Leone, Cape Verde, and Nigeria. The gathering focused on strengthening cooperation among member states in air…
Amid growing market turbulence and intensifying competition, independent petroleum marketers across Nigeria have started slashing petrol prices below the cost price reportedly offered by the Dangote Petroleum Refinery. The move, which has sparked wide industry debate, is driven largely by weakening consumer demand, high operational costs, and the struggle to maintain market share. In major cities including Lagos, Ibadan, Port Harcourt, and Abuja, pump prices have been observed to range between ₦560 and ₦580 per litre—below the ₦610 to ₦630 per litre range initially floated by Dangote for its refined products when the refinery began domestic supplies. Industry players suggest…
The National Pension Commission (PenCom) has announced that all Pension Fund Administrators (PFAs) must meet a recapitalisation threshold of ₦20 billion by December 2026. The directive, unveiled in a regulatory circular to stakeholders, underlines the commission’s resolve to strengthen Nigeria’s pension industry, enhance financial sector stability, and boost public confidence in pension fund management. PenCom’s new requirement mandates that each PFA raise its minimum shareholders’ equity to ₦20 billion within the set timeframe. PFAs will be allowed to achieve this through internal capital growth, issuance of shares, or mergers and acquisitions, as long as they remain compliant with regulatory standards.…
Nigeria’s scrap and waste recycling industry is targeting an ambitious creation of an additional 5 million jobs by the end of 2025, in a bold move to deepen its economic impact and capitalise on the growing green economy. Building on recent gains—where waste management already contributed over 1.6 million jobs annually and around 3.2 percent to GDP—the sector plans a major scale-up across the recycling value chain. Officials and industry experts say the target builds on Nigeria’s estimated 32 million tonnes of solid waste generated each year, of which only a small fraction—less than 20 percent—enters formal recycling streams. By expanding collection,…
The Federal Government is considering amendments to the Electricity Act that would open the door for the sale of up to eleven electricity distribution companies (Discos) to new investors, part of a broader reform plan aimed at attracting private capital, improving service delivery, and reducing government liabilities. The proposed changes are centered on empowering regulators to facilitate equity transfers, usher in fresh management teams, and restructure the sector toward performance and accountability. Under current rules, Discos operate under licence agreements and are effectively state-supervised, with ownership restricted and few avenues for full private takeover. The proposed amendment would allow the…
Nigeria’s power sector is teetering on the verge of systemic collapse unless the government and electricity market stakeholders move swiftly to resolve mounting debts owed across the value chain. The Minister of Power issued the warning during a high-level address this past week, emphasizing that unresolved liabilities are eroding operational viability, discouraging investment, and undermining supply continuity. The minister disclosed that legacy debt across GENCOs (generation companies), the Transmission Company of Nigeria (TCN), and DISCOs (distribution companies) now totals well over ₦2 trillion. These past obligations—ranging from unpaid generation invoices and fuel supply costs to transmission service fees and subsidy-related…
Air Peace, Nigeria’s largest airline, has convened a high‑level leadership retreat in response to its recent acquisition of a coveted London Heathrow airport slot. The gathering, which brought together the airline’s senior management, operational heads, and industry partners in Lagos, served as a strategic forum to chart the next phase of Air Peace’s international expansion and service enhancement roadmap. Securing the Heathrow slot marks a milestone for Air Peace, enabling the airline to initiate direct flights between Lagos and London—one of the most competitive and regulated global aviation routes. During the retreat, executives reviewed timelines for operational deployment, compliance requirements…
The Rural Electrification Agency (REA) of Nigeria has formalized a series of memoranda of understanding (MOUs) with multiple investment partners to mobilize approximately ₦500 billion in funding for off-grid renewable energy projects. The agreements were signed in Abuja during a high-level energy and infrastructure summit, signaling strong momentum toward Nigeria’s decarbonization agenda and rural electrification goals. By the terms of the MOUs, REA will collaborate with private investors including clean energy funds, development finance institutions, and local solar investors to deploy mini-grid and distributed solar systems in underserved communities. The funds are earmarked for hybrid solar-storage mini-grids, standalone home solar…
The Federal Government of Nigeria has partnered with the African Development Bank (AfDB) and indigenous electric vehicle company, Saglev Electromobility Nigeria Limited, to accelerate electric vehicle (EV) manufacturing and clean transportation infrastructure across the country. This collaboration is seen as a major step toward reducing carbon emissions, promoting sustainable mobility, and enhancing Nigeria’s local industrial capacity. The tripartite alliance, which involves a significant public-private engagement, was formalised to support the ongoing development of Saglev’s EV assembly operations in Imota, Lagos. The facility, which began pilot production earlier this year, is the first full-fledged EV assembly plant in sub-Saharan Africa and…